Bitcoin Price Stabilizes Near $84,000 Amid Regulatory Uncertainty

Bitcoin's price has stabilized near $84,000 despite a slight decline in recent days. Over the past week, however, it has seen an 8% increase. The US spot Bitcoin ETFs have been experiencing significant inflows, with Thursday's addition of $191 million marking the end of a six-day streak worth $2.8 billion.

Weekly ETF totals remain positive, with a total of $2.39 billion in inflows from September 21 to 25. BlackRock's IBIT led all funds with $1.16 billion over five sessions, followed by Fidelity's FBTC at $701.6 million and ARK 21Shares' ARKB at $294.7 million.

Analyst Ted notes that a weekly close above $82,800 is necessary for Bitcoin to avoid falling into the $79,000-$80,000 range. Rising US Treasury yields have been weighing on the price, making interest-bearing assets more attractive. This has pulled some demand away from Bitcoin and other risk assets.

The SEC's Crypto Task Force will be losing Commissioner Hester Peirce on October 2, adding uncertainty to crypto regulation. The Senate also failed to advance the Digital Asset Market Clarity Act, a setback for the industry.